The following speech was delivered at the INS Annual Meeting and Industrial Exhibition in Fort Lauderdale, Florida, on May 17, 2010.
As Secretary-Treasurer, it gives me great pleasure to report on the financial success of INS during 2009. Despite the many economic challenges that presented themselves during the past year, INS continued to grow its membership, its net assets, and its voice as the leader in infusion nursing.
2009 total revenues were just shy of $3.2 million, while expenses came in at $2.9 million, leaving a gain in operating income of $291,640. Coupled with our gain on investments, INS' overall increase in net assets was $473,905.
The following are some key components that contributed to INS' 2009 performance.
MEMBERSHIP
For the sixth consecutive year, INS experienced triple-digit growth in its membership. During that time, INS membership increased by 22% to 6217. The increase of 266 members in 2009 marks the association's biggest jump in membership in 15 years.
One of the key components to our membership increase was the Chapter Challenge program. Not only did it bring in over 100 new members, but it also helped strengthen the connection between INS and our local chapters.
Our success in growing our membership is directly attributable to the commitment that all of you have made in INS. In these financially challenging times we know that economics play an important role in how you spend your money. We are most grateful that you continue to support your professional organization, and we pledge to continue to work on your behalf.
On behalf of the INS Board of Directors, I am pleased to report that there will be no change in the cost of membership dues. Since 1999 INS dues have remained at $90, and there is no plan to raise them in the foreseeable future.
MEETINGS
Our educational meetings, which consist of the Annual Meeting and the spring and fall National Academies, continue to be our leading sources of revenue. Overall meetings-related profit for 2009 was just over $1 million. This represents the second-largest profit in INS history, trailing 2008 by a mere 5%. As a component of the overall financial statement, Meetings accounted for 53% of revenues in 2009.
There are many different Meetings components that helped create this surplus, but exhibit booth sales and sponsorship sales led the way. The 2009 Annual Meeting exhibit hall was sold out, while the 2009 Fall National Academy exhibit hall required additional space to accommodate the record number of exhibitors. In addition, we introduced several new sponsorship opportunities, which helped provide increased exposure for our exhibitors and additional revenue for INS.
PUBLICATIONS
INS' textbook, Infusion Nursing: An Evidence-Based Approach, made its very successful debut at the 2009 Annual Meeting. From May to December 2009, INS sold more than 1300 copies. The success of the textbook helped increase publications revenue by 12% over 2008 numbers and added to our inventory of educational resources that have become critical to the infusion community.
CERTIFICATION
As has been INS' custom over the past several years, a support grant to INCC in the amount of $120,000 was approved by the INS Board of Directors. The CRNI(R) certification is the only nationally recognized and accredited certification for infusion nursing. We remain committed to the CRNI(R) program and are happy to support it through this grant.
INVESTMENTS
The turnaround in the equity market, coupled with INS' successful investment strategies, helped position us for a very profitable return in 2009. Our gain on investments of $79,000 provided additional revenue for the organization. Our unrealized gains on investments, which represent the market value increase of our overall investment portfolio, came in at $182,000. This far surpassed our initial projections and validates the investment programs and strategies that we have in place.
In conclusion, an independent accounting firm audited the INS financial statements for the year ending December 31, 2009, and issued a clean opinion.